Can I make a living out of Trading only?

[taruj]

As an Options mentor each person I have mentored...

hi warezwana,
are you an options mentor??
I am looking for some mentoring.

do you have a website?
rgds

 

[taruj]

I am a newbie, however I have a small point to make. More like a suggestion, or what I am doing.

I am working working in a company and draw about 50k.
My household expenses including evry thing come to be about 35k.

leave me about 15 k a month.

have been able to save about 2 L for trading.

most importantly I have also kept some money aside for the family.

My plan is to continue working and practice trading for next 2.5 to 3 years.

maybe this plan would appeal to most working individuals.

just one more point, make sure the money thats aside for your family (note to self) should never be touched whatever the circustance.

happy trading guys. this forum rocks.
i used to think other traders are uptight. you guys are quite cool.

rgds.

 

[stock72]

NEWBIE???? join date 2009 ????

I am a newbie, however I have a small point to make. More like a suggestion, or what I am doing.

I am working working in a company and draw about 50k.
My household expenses including evry thing come to be about 35k.

leave me about 15 k a month.

have been able to save about 2 L for trading.

most importantly I have also kept some money aside for the family.

My plan is to continue working and practice trading for next 2.5 to 3 years.

maybe this plan would appeal to most working individuals.

just one more point, make sure the money thats aside for your family (note to self) should never be touched whatever the circustance.

happy trading guys. this forum rocks.
i used to think other traders are uptight. you guys are quite cool.

rgds.

 

[stock72]

To the title of this thread ---

I guess - it depends... in we need bread and butter from trading then cannot ... but BMW , Mercedes then yes ..

 

[taruj]

NEWBIE???? join date 2009 ????

yes

joined in 2009. traded very small. lost a ton. hence i consider my self to be a newbie.

 

[trade2411]

hey SB2000,

I am in the same boat too, Did you quit your job and start trading ? hows it goings?

Since we are in the same boat, here is what i am doing before pulling that trigger:

1) Make sure you have enough capital to protect your family in case your rades make you bankrupt. Always, keep your family first.

2) Treat it as a business and not as a gambling. Have a well thought out plan before each day. Stick to it.

3) Dont over-trade. If I have three stop-losses for the day, I am out, no matter what my "ego" says.

4) Make sure atleast you know and have applied some of the technical analysis or charting stuff on real trades. Paper trades dont work and should not be used as a reason to quit your job.

5) Read about some of the awesome stuff floating around on this forum.

As for me, my company is about to be shut down and I am not looking out for a job. I have a wife and kid to support, and still I will be taking this up as a profession because trading for me is not about making money, its a passion. If you are passionate about your job, money would follow.

And yes......Trading does make you rich, only if there is no Gordon Gekko in you

 

[Paul Cruza]

Yes you can make money trading. You can make a good to exceptional living at it.

But most fail, probably not because they can't succeed but for a combination of reasons:
- no valid and tested (by you) system
- psych hang ups (you are now screwed up, try trading in the zone to understand your problems)
- not enough money (eod trading you must be able to make your money risking no more than 2% per trade, intraday 1%, and in both cases assume that the reality will be 50% worse than your systems best theoretical performance).

To win.
- get a system that works and start paper trading it until you can consistently take 50-100 signals without error (this will help with your confidence and also forward test the system).
- read trading in the zone ... really get into it and understand it so read 10 pages every day after you've read it the first time
- when (AND ONLY WHEN) you've done the above start to risk the minimum amount of cash possible on your system
- when you have 50-100 signals without error then increase your size; keep increasing every 50-100 as long as you stay under your risk percentage.

If you take a short cut you will fail. And it will be your fault. Yours alone.

 

[taruj]

Yes you can make money trading. You can make a good to exceptional living at it.

But most fail, probably not because they can't succeed but for a combination of reasons:
- no valid and tested (by you) system
- psych hang ups (you are now screwed up, try trading in the zone to understand your problems)
- not enough money (eod trading you must be able to make your money risking no more than 2% per trade, intraday 1%, and in both cases assume that the reality will be 50% worse than your systems best theoretical performance).

To win.
- get a system that works and start paper trading it until you can consistently take 50-100 signals without error (this will help with your confidence and also forward test the system).
- read trading in the zone ... really get into it and understand it so read 10 pages every day after you've read it the first time
- when (AND ONLY WHEN) you've done the above start to risk the minimum amount of cash possible on your system
- when you have 50-100 signals without error then increase your size; keep increasing every 50-100 as long as you stay under your risk percentage.

If you take a short cut you will fail. And it will be your fault. Yours alone.

pardon my ignorance but are you refering to this book? "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude"
rgds

 

[amritak1952]

dear friend,
best of luck will wait for your updates and i hope it will something new system/style all the best once again
amrit

 

[Brill]

Started trading 6 months back. with 25K. now only 10K balance. Think it difficult to take money home from market. I accept my system wrong, any suggestion??? or which thread to follow!!!

What is 315??


Thanks
Brill